Hines sells HarperCollins building to SL Green for $253M

From top left: SL Green President Andrew Mathias, Darcy Stacom and Bill Shanahan, vice chairmen of CBRE; at right: 10 East 53rd Street

SL Green Realty agreed to purchase the HarperCollins Building from Hines Interests for $252.5 million, the firm announced in a press release yesterday. An unnamed partner joined SL Green in the acquisition of the 390,000-square-foot office tower at 10 East 53rd Street, between Madison and Fifth avenues, and will hold a 55 percent stake in the property.

The tower is 91 percent leased, according to SL Green, but leases for 60 percent of the tower expire within the next thee years. SL Green said it believes current rents on the building are “substantially below market.” The firm also said it would embark on a capital improvement program for the Plaza District tower.